пятница, 18 марта 2011 г.

Strategy of loss


One of the largest manufacturers of baby Food of the Company “Nutritek" suffers big problems. The company turned out to be on the verge of bankruptcy: the accounts have been arrested, it has is no money for the development, as well as the foreign shareholders have openly accused Nutritek in financial reporting fraud and abetting embezzlement. According to the newspaper Kommersant, the main shareholder of Nutritek (approximately 39%) is Konstantin Malofeev, the founder of the Marshall Capital Partners Fund. He is concurrently Chairman of the committee on strategic development of Svyazinvest, and is claimed to be grey figure of the state holding; he is known to be currently experiencing a primary reform his life. They say that being close to the Minister of Communications and Mass Communications Igor Shchegolev he, in fact, oversees the reform of Svyazinvest. Putting aside the plans to establish on the basis of "Rostelecom" (a key asset of Svyazinvest, the so-called "national champions") and recall the past, much less ambitious "deals" by Mr Malofeev, who, as stated above, had been ordered to grade up the newly reformed Svyazinvest in terms of capitalization, for example, with Sberbank in the foreseeable future.

In the narrow circle of investment bankers Konstantin Malofeev has a record of a hard character person, at times even on the verge of a foul. Perhaps he feels overstrung as there is another side to his reputation: if the head of Marshall Capital Partners gets engaged in something, this is not going to get transformed into anything good. For example, the already mentioned Nutritek was a very successful company, but now only 5% of its shareholders agree to to save the business through additional capitalization. Why? The co-owners suspect its managers of the low level of internal control and the invalidity of the previous financial statements. According to the Kommersant newspaper, the co-owners are as follows: fund of Inter IKEA, manager of the family resources of Ingvar Kamprad - the founder of IKEA, the French Fund of AXA Private Equity, American Paul Capital Partners and Lexington Capital Partners. The latter manages $ 15 billion of private and public pension funds. Part of the money of the retirees was kept in funds managed by Marshall; the latter is currently negotiating with investors to close them. However, it won’t be easy to explain the foreign shareholders about what has happened to the retirement money. Against the background of such news the actions of "Nutritek" have gone down in value by more than 20% within a week.

Last year, Marshall Capital Partners was about to become the co-owner of the major grocery retailer in St. Petersburg “Lenta”. One of its co-owners Oleg Zherebtsov signed with Marshall Capital an option agreement to purchase 35.4% of the chain for almost $ 100 million. They say, Marshall Capital by Konstantin Malofeyev had even paid to the entrepreneur $ 1 million so that he could not change his mind. But still it has happened - due to a more attractive proposal or because Zherebtsov did not want to have a deal with the Marshall Capital. The scandal has burst. Oleg Zherebtsov refused to deal with Malofeyev and sold his share of the U.S. fund TPG Capital and VTB Capital. Eyewitnesses tell the head Marshall Capital was furious.

Last year, Marshall Capital Partners by Konstantin Malofeyev examined the pharmacy chain "36.6". As it usually happens with Marshall Capital, the negotiations went hardly. Thus, "36.6" found another partner in the end: Russia's largest pharmaceutical distributor "SIA International, and Marshall Capital, once again, left with nothing. Of course, Konstantin Malofeyeva had to come up with a convincing version of the next fiasco to save his face. Marshall Capital was allegedly unsatisfied with the index due diligence of "36.6" – thus, it was inappropriate to pay $ 70 million for the blocking stake of the chain of pharmacies in such a situation. However, as they say the score is on the board. Now it is the time to look at the final table.

For a year the investment banker Konstantin Malofeev has nearly ruined the once successful company, failed to agree on buying a stake in another one, and was cynically ignored by the third one. Track record speaks for itself, and the question arises - how does a person standing at the helm of the reform of the largest state-owned company can actually create a "national champion" if he is unable to conduct the transaction, the amount of which at times differ from those indexes of the company Svyazinvest? How could the State have entrusted to oversee the development strategy of Svyazinvest to the man who was indirectly suspected by Western funds of involvement in falsifying financial statements, poor financial management and embezzlement? Perhaps the answers to these questions will be available in the near future. Reorganization of Svyazinvest is going with moans and groans, minority shareholders have yet to decide whether they accept the proposal of Svyazinvest to exchange their shares for securities of the joint Rostelecom. Bank for Development and Foreign Economic Affairs manages nearly 40% stake in Rostelecom; it has already nominated a number of its representatives to the Board of Directors (their positions are unknown yet). The very future "national champion" continues to lose the market share, while, by RAS, in 2009 its net profit was almost 30% less than in 2008. The loudly announced partnership with Megafon for creation the fourth federal cellular operator will most likely remain on paper. If it continues like this, they will have to report not only to the foreign retirees, but, for example, to Vladimir Putin, who has visaed the odious reform. It is possible that the chief strategist of Svyazinvest will have to call the doctor.

Source: igolkin from 15.04.2010

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